2012 New York Consolidated Laws
PBA - Public Authorities
Article 10-C - NEW YORK HEALTH CARE CORPORATIONS
Title 6 - (3625 - 3646) ERIE COUNTY MEDICAL CENTER CORPORATION
3636 - Monies of the corporation.

 
    §  3636. Monies of the corporation. All monies of the corporation from
  whatever  source  derived  shall  be  paid  to  the  treasurer  of   the
  corporation  and  shall  be  deposited  forthwith  in  a  bank  or banks
  designated by the corporation. The monies in such accounts shall be paid
  out or withdrawn  on  the  order  of  such  person  or  persons  as  the
  corporation  may  authorize  to  make such requisitions. All deposits of
  such monies shall be secured by obligations of the United States  or  of
  the state or of any municipality of a market value equal at all times to
  the  amount on deposit, and all banks and trust companies are authorized
  to give such security for such deposits. Alternatively,  monies  of  the
  corporation  may be deposited in money market funds rated in the highest
  short term or long term rating  category  by  at  least  one  nationally
  recognized rating agency. To the extent practicable, consistent with the
  cash requirements of the corporation, all such monies shall be deposited
  in   interest  bearing  accounts.  The  corporation  shall  have  power,
  notwithstanding the provisions of this section,  to  contract  with  the
  holders   of   any  bonds  as  to  the  custody,  collection,  security,
  investment, and payment of any monies of the corporation or  any  monies
  held  in  trust  or  otherwise for the payment of bonds or in any way to
  secure bonds, and carry out any such contract notwithstanding that  such
  contract may be inconsistent with the provisions of this section. Monies
  held  in  trust  or  otherwise for the payment of bonds or in any way to
  secure bonds and deposits of such monies may  be  secured  in  the  same
  manner  as  monies of the corporation, and all banks and trust companies
  are authorized to give such security for such deposits.  Any  monies  of
  the  corporation  not required for immediate use or disbursement may, at
  the discretion of  the  corporation,  be  invested  in  accordance  with
  guidelines  established by the corporation's board and amended from time
  to time. Subject to the provisions of any contract with bondholders  and
  with  the  approval  of  the  state  comptroller,  the corporation shall
  prescribe a system of accounts.